National Bank of Poland cuts rates to record low of 0.5%

Central bank includes state-guaranteed bonds in its asset purchase programme

National Bank of Poland entrance and sign
Photo: Andrzej Barabasz (Chepry)

The National Bank of Poland (NBP) has reduced interest rates by 50 basis points and expanded its asset purchase programme in a bid to reduce the impact of Covid-19 on the economy.

As a result, the reference rate is now at a record low of 0.5%. The decision follows the 50bp rate cut the monetary policy council implemented on March 18. Back then, the central bank also reduced banks’ reserve requirements, which it estimates released 40 billion zloty ($9.5 billion) for lending.

In the policy

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